Zephyr Annual M&A Activity Report

Transcription

1 Global, FY 2015

2 Global, FY 2015 The following report details mergers and acquisitions activity in FY 2015 using data from the Zephyr database. It focuses on deal activity by target company. Click here to access the raw data in an Excel spreadsheet. Section 1: Global Deals Page 1 Section 2: Western Europe Page 18 Section 3: North America Page 29 Section 4: Asia/Asia Pacific Page 39 Section 5: MENA Page 53 Section 6: Russia/CEE Page 66 Global M&A climbs year-on-year The value of global mergers and acquisitions (M&A) rose in 2015 to the highest level recorded, against a decline in volume. In all some 89,440 deals worth a combined USD 6,143,663 million were signed off over the 12 months. Value climbed 28 per cent on 2014, when dealmaking of USD 4,809,953 million was recorded, while volume dropped from 89,773 to 89,440 over the same timeframe. Most regions increased by value year-on-year, with the only exceptions being the CEE and MENA, while in terms of volume North America and the CEE declined, thereby making CEE the only region to show a drop on both fronts. Value improved in many countries year-on-year, with all of 2015 s top seven countries by value improving on However, value did decline in a few countries in 2015, including Canada, Japan, South Korea, Spain and Russia. Private equity dealmaking was also positive in 2015 as global investment increased by both volume and value. Volume climbed 12 per cent from 13,334 to 14,918 while value improved at the quicker rate of 28 per cent from USD 523,434 million to USD 668,102 million. Global deals by volume and value Announced date No of deals Total deal value ,440 6,143, ,773 4,809, ,732 3,663, ,363 3,273, ,713 3,417, ,214 3,431,111 Page 1

3 Global, FY 2015 Global deals by volume and value 7,000, ,000 6,000,000 90,000 80,000 Deal value 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 70,000 60,000 50,000 40,000 30,000 20,000 10, Total deal value Number of deals Page 2

4 Global, FY 2015 US leads the way in 2015 US targets topped the rankings by both volume and value in 2015, with value increasing against a decline in volume year-on-year, in line with the overall global trend. In all 14,357 deals worth USD 1,942,778 million were announced over the 12 months. This represents a 15 per cent increase in value and a 7 per cent decline in volume. The country s impressive performance is unsurprising given that companies based there were targeted in 11 of the year s top 20 transactions by value. Chemicals, rubber and plastics sector is top sector by value in 2015 Deals targeting companies in the chemicals, rubber and plastics sector in 2015 were worth a combined USD 802,140 million, making the industry the year s most valuable. Despite this impressive result, it could only place third by volume with 5,386 deals, showing that the activity in the sector was driven by a number of deals with large considerations. In terms of volume the machinery, equipment, furniture and recycling industry led the way with 11,235 deals, followed by wholesale & retail trade with 6,297. Other sectors that received notable investment include machinery, equipment, furniture and recycling (USD 749,951 million), post and telecommunications (USD 425,948 million) and banks (USD 335,493 million). UK leads European rankings again The UK once again led the field within Europe in terms of both volume and value, notching up 7,260 deals worth a combined USD 548,699 million, placing it third overall for the year. By volume this represents an 11 per cent improvement year-on-year while value more than doubled over the period. Ireland also performed well and was targeted in deals worth USD 266,593 million, placing it fourth globally and representing a significant increase on The country was undoubtedly significantly boosted by the USD 160,000 million acquisition of Dublin-headquartered pharmaceuticals maker Allergan by Pfizer, which was announced in November. Upon completion of this deal the businesses will be combined within Allergan, which will then change its name to Pfizer plc and will be listed on the New York Stock Exchange. Page 3

5 Global, FY 2015 Top 20 global deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date ,000 Acquisition 100% Allergan plc IE Pfizer Inc. US 23/11/ ,730 Acquisition 100% SABMiller plc GB Newco BE 11/11/ ,700 Acquisition 100% Time Warner Cable Inc. US Charter Communications Inc. US 26/05/ ,876 Acquisition 100% Altice SA LU Altice NV NL 06/08/ ,000 Acquisition 100% EMC Corporation US Denali Holding Inc. US 12/10/ ,695 Acquisition 100% EI du Pont de Nemours & Company US The Dow Chemical Company US 11/12/ ,200 Acquisition 100% CIGNA Corporation US Anthem Inc. US 24/07/ ,761 Acquisition 100% BG Group plc GB Royal Dutch Shell plc GB 08/04/ ,482 Acquisition 100% Nanyang Commercial Bank Ltd HK Cinda Financial Holdings Co., Ltd HK 18/12/ ,928 Acquisition 100% Cheung Kong (Holdings) Ltd's property buisnesses; Cheung Kong Property Holdings Ltd KY 09/01/2015 Hutchison Whampoa Ltd's property businesses ,500 Acquisition 100% Allergan plc's Actavis global generic IE Teva Pharmaceutical Industries Ltd IL 27/07/2015 pharmaceuticals business ,000 Acquisition 100% Kraft Foods Group Inc. US The Kraft Heinz Company US 25/03/ ,700 Acquisition 100% The Williams Companies Inc. US Energy Transfer Corporation LP US 28/09/ ,446 Acquisition 100% Cheung Kong (Holdings) Ltd HK CK Hutchison Holdings Ltd KY 05/02/ ,200 Acquisition 100% Precision Castparts Corporation US Berkshire Hathaway Inc. US 10/08/ ,000 Acquisition 100% Broadcom Corporation US Pavonia Ltd SG 28/05/ ,000 Acquisition 100% Humana Inc. US Aetna Inc. US 03/07/ ,105 Acquisition 100% - increased bid Perrigo Company plc IE Mylan NV NL 29/04/ ,000 Acquisition GE Commercial Distribution Finance Corporation; General Electric Capital Corporation's North American Vendor Finance business; General Electric Capital Corporation's Corporate Finance business US; US; US Wells Fargo & Company Inc. US 13/10/ ,300 Acquisition 100% The Chubb Corporation US ACE Ltd CH 01/07/2015 Page 4

6 Global, FY 2015 Target country by volume - global deals Target country by value - global deals Target country Target country US 12,620 15,402 14,357 China 4,940 6,798 10,098 UK 6,786 6,549 7,260 Canada 3,983 4,156 3,910 Australia 5,214 4,431 3,896 Japan 3,207 3,966 3,436 South Korea 3,046 3,371 3,323 India 1,970 3,183 3,175 Germany 1,992 2,031 3,043 Spain 2,458 2,769 2,998 France 1,895 2,218 2,949 Taiwan 2,289 2,338 2,217 Poland 1,783 1,815 2,134 Netherlands 1,496 1,413 1,913 Russia 3,000 3,037 1,884 Sweden 1,435 1,363 1,374 Italy 1,289 1,401 1,308 Malaysia 1,225 1,381 1,274 Vietnam 825 1,128 1,148 Finland 1,643 1,056 1,001 US 1,200,731 1,689,453 1,942,778 China 275, , ,507 UK 195, , ,699 Ireland 26,050 62, ,593 Netherlands 138, , ,155 Hong Kong 19,646 39, ,749 Australia 115, , ,746 Canada 120, , ,999 France 72, , ,887 Italy 64, , ,302 Germany 113, , ,401 Japan 132, , ,403 Cayman Islands 44,087 66, ,278 South Korea 76, , ,242 Spain 89,665 91,481 88,949 Russia 183, ,657 85,403 India 53,674 73,896 85,364 Luxembourg 22,266 20,728 82,038 Taiwan 53,471 56,874 73,777 Bermuda 36,489 40,018 67,064 Page 5

7 Global, FY 2015 Top five global target countries by deal volume in FY 2015 Top five global target countries by deal value in FY % US US 11% China UK 36% 32% China UK 56% 9% Canada Australia Ireland Netherlands 4% 5% All other countries 3% 4% 9% 16% All other countries Page 6

8 Global, FY 2015 Top five global target countries by deal volume in FY 2015 Deal volume between FY 2010 and FY ,000 Top five global target countries by deal value in FY 2015 Deal value between FY 2010 and FY ,500,000 16,000 14,000 2,000,000 12,000 Number of deals 10,000 8,000 Deal value 1,500,000 1,000,000 6,000 4, ,000 2, US China UK Canada Australia US China UK Ireland Netherlands Page 7

9 Global, FY 2015 Target sector by volume - global deals Target sector by value - global deals Target sector Target sector Other services 32,228 34,374 33,129 Machinery, equipment, furniture, recycling 9,407 10,972 11,235 Wholesale & retail trade 6,679 7,049 6,297 Chemicals, rubber, plastics 4,615 5,443 5,386 Metals & metal products 5,058 5,094 5,253 Publishing, printing 2,586 4,026 5,202 Construction 3,736 4,097 3,984 Primary sector 3,406 3,636 3,017 Food, beverages, tobacco 2,170 2,436 2,408 Transport 2,072 2,051 2,034 Gas, water, electricity 1,890 1,849 1,864 Banks 1,760 1,828 1,644 Education, health 1,447 1,540 1,522 Insurance companies 1,166 1,422 1,385 Hotels & restaurants 1,359 1,498 1,364 Post and telecommunications 1,039 1,082 1,347 Textiles, wearing apparel, leather 887 1,103 1,060 Wood, cork, paper Public administration and defence Other services 923,620 1,334,090 1,395,686 Chemicals, rubber, plastics 263, , ,140 Machinery, equipment, furniture, recycling 390, , ,951 Post and telecommunications 329, , ,948 Banks 291, , ,493 Wholesale & retail trade 188, , ,648 Primary sector 268, , ,786 Food, beverages, tobacco 147, , ,077 Construction 147, , ,068 Transport 144, , ,921 Insurance companies 78, , ,099 Gas, water, electricity 179, , ,009 Metals & metal products 156, , ,335 Publishing, printing 44,756 78, ,949 Education, health 44,192 43,870 67,544 Hotels & restaurants 28,548 68,119 63,204 Wood, cork, paper 20,183 22,404 41,302 Textiles, wearing apparel, leather 27,238 35,239 34,880 Public administration and defence 3,988 3,595 6,206 Page 8

10 Global, FY 2015 Global private equity deals by volume and value Announced date No of deals Total deal value , , , , , , , , , , , ,135 Page 9

11 Global, FY 2015 Global private equity deals by volume and value Deal value 800, , , , , , , ,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Total deal value Number of deals Page 10

12 Global, FY 2015 Top 20 global private equity deals by value Deal value Deal type Target Target country Fund Manager/General Partner Announced date 1. 67,000 Acquisition 100% EMC Corporation US Silver Lake Technology Management LLC; MSD 12/10/2015 Capital LP; Temasek Holdings Pte Ltd 2. 40,000 Acquisition 100% Kraft Foods Group Inc. US 3G Capital Partners Ltd 25/03/ ,700 Acquisition 100% Cablevision Systems Corporation US Canada Pension Plan Investment Board; BC Partners Ltd 17/09/ ,900 Acquisition 100% Keurig Green Mountain Inc. US BDT Capital Partners LLC 07/12/ ,300 IBO 100% Qihoo 360 Technology Company Ltd KY Shanghai Trust Bridge Partners Investment Management LLC; Sailing Capital 18/12/2015 Management Co., Ltd; Golden Brick Capital Management Ltd; Oriza Holdings; Sequoia Capital Equity Investment Management (Tianjin) Co., Ltd; New China Capital Management LP; Huatai Ruilian Fund Management Co., Ltd; Greenland Financial Holding Group Co., Ltd; CICC Jiahe (Tianjin) Equity Investment Fund Management Co., Ltd; Zhejiang Puhua Tianqin Equity Investment Management Co., Ltd; Zhongguancun Trinitas (Beijing) Equity Investment Management Co., Ltd; Yi Capital Inc.; Jiaxing Yun Qi Internet Plus Venture Partners LLP 6. 8,000 IBO 100% BioMed Realty Trust Inc. US The Blackstone Group LP 08/10/ ,000 IBO 100% Veritas Technologies Corporation US Carlyle Group LP; GIC Pte Ltd 11/08/ ,600 IBO 100% Home Properties Inc. US Lone Star Global Acquisitions Ltd 22/06/ ,463 Acquisition 100% Government of New South Wales' Transgrid AU La Caisse de depot et placement du Quebec 24/11/ ,385 IBO 100% Fortum Distribution AB SE Forsta AP-Fonden; Tredje AP-fonden; Borealis Infrastructure Management Inc. 17/02/2015 Page 11

13 Global, FY 2015 Top 20 global private equity deals by value (cont d) Deal value Deal type Target Target country Fund Manager/General Partner Announced date 11. 6,948 Minority stake 17% Postal Savings Bank of China Co., Ltd CN JP Morgan; UBS AG; China Telecom Corporation Ltd; DBS 08/12/2015 Bank Ltd; Temasek Holdings Pte Ltd; The International Finance Corporation; China Life Insurance Co., Ltd; Canada Pension Plan Investment Board; Tencent Holdings Ltd; Zhejiang Ant Small and Micro Financial Services Group Co., Ltd 12. 6,537 IBO 100% Homeplus Co., Ltd; Homeplus Tesco Co., Ltd KR; KR Temasek Holdings Pte Ltd; Canada Pension Plan Investment Board; MBK 07/09/2015 Partners Ltd; Public Sector Pension Investment Board 13. 6,500 IBO 100% Solera Holdings Inc. US Goldman Sachs Group Inc., Vista Equity Partners Management LLC; Koch 13/09/2015 Equity Development LLC 14. 6,000 IBO 100% Strategic Hotels & Resorts Inc. US The Blackstone Group LP 08/09/ ,901 Acquisition 100% General Electric Capital Corporation's Australian AU; NZ Kohlberg Kravis Roberts & Company LP 15/03/2015 consumer lending business; General Electric Capital Corporation's New Zealand consumer lending business 16. 5,300 IBO 100% Informatica Corporation US Canada Pension Plan Investment Board; Permira Advisers LLC 07/04/ ,000 IBO 100% Komioil OOO RU Gaetano Holdings Ltd 25/11/ ,500 IBO 100% SolarWinds Inc. US Thoma Bravo LLC 21/10/ ,043 IBO 100% LeasePlan Corporation NV NL Abu Dhabi Investment Authority; TDR Capital LLP; PGGM 23/07/2015 NV; Private Equity Advisors ApS; GIC Pte Ltd 20. 4,000 Acquisition 100% DealerTrack Technologies Inc. US BDT Capital Partners LLC 15/06/2015 Page 12

14 Global, FY 2015 Target country by volume - global private equity deals Target country by value - global private equity deals Target country Target country US 5,107 6,113 6,613 China ,762 India UK 867 1, France Germany Canada Spain Italy Israel Netherlands Japan Finland Russia Sweden South Korea Belgium Brazil Australia Poland US 194, , ,863 China 8,131 38,225 48,278 UK 41,664 53,878 43,967 Australia 7,859 11,337 21,899 Cayman Islands 5,115 12,260 21,033 Germany 20,290 21,409 17,534 South Korea 5,203 8,700 15,134 Netherlands 4,068 9,212 15,033 India 4,076 8,019 14,476 Spain 4,912 12,036 12,629 France 12,852 25,847 12,010 Sweden 6,886 3,018 10,555 Canada 12,159 6,254 8,840 Russia 7, ,629 New Zealand 659 1,537 6,597 Italy 8,454 6,405 6,020 Brazil 4,980 3,526 4,085 Bermuda 4,453 4,668 3,858 Luxembourg 4,361 3,632 2,537 Israel 1,603 1,506 2,424 Page 13

15 Global, FY 2015 Target sectors by volume - global private equity deals Target sectors by value - global private equity deals Target sector Target sector Other services 6,712 7,809 7,847 Publishing, printing 789 1,505 2,076 Machinery, equipment, furniture, recycling 1,145 1,375 1,378 Wholesale & retail trade Chemicals, rubber, plastics Education, health Food, beverages, tobacco Metals & metal products Hotels & restaurants Gas, water, electricity Construction Transport Primary sector Textiles, wearing apparel, leather Post and telecommunications Insurance companies Wood, cork, paper Banks Public administration and defence Other services 140, , ,431 Machinery, equipment, furniture, recycling 65,304 36, ,375 Food, beverages, tobacco 37,611 4,985 58,505 Publishing, printing 11,303 26,423 56,821 Wholesale & retail trade 23,286 64,381 39,281 Transport 17,004 12,815 28,263 Gas, water, electricity 15,966 24,303 27,194 Chemicals, rubber, plastics 22,350 45,298 23,238 Post and telecommunications 13,238 8,304 21,793 Primary sector 9,887 23,199 20,907 Education, health 8,017 7,432 14,654 Insurance companies 11,352 10,523 10,232 Banks 11,086 2,578 10,004 Construction 8,163 10,501 8,339 Hotels & restaurants 5,034 14,286 6,067 Textiles, wearing apparel, leather 5,493 5,356 3,864 Metals & metal products 5,609 11,173 3,414 Wood, cork, paper 1,775 3,728 1,022 Public administration and defence Page 14

16 Global League Tables, FY 2015 Top 20 financial advisors global deals Financial advisor Number of deals Number with consideration Total deal value Average deal value 1 Morgan Stanley ,459,842 5,347 2 JP Morgan ,356,946 5,301 3 Goldman Sachs Group Inc ,240,860 6,636 4 Bank of America Corporation ,850 4,889 5 Credit Suisse ,958 4,895 6 Citigroup Inc ,488 2,983 7 Barclays plc ,598 6,551 8 Lazard ,377 3,690 9 Centerview Partners ,710 14, Deutsche Bank AG ,295 3, Guggenheim Securities LLC ,904 16, UBS ,573 2, Rothschild ,793 1, Evercore Partners Inc ,795 3, Moelis & Company LLC ,980 3, BNP Paribas SA ,957 3, Robey Warshaw LLP ,952 61, HSBC Bank ,844 3, RBC Capital Markets Corporation ,215 2, Allen & Company Inc ,833 6,615 These advisor rankings have been introduced to the Global FY 2015 report based on the most current data available at the time of writing. If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at [email protected] Page 15

17 Global League Tables, FY 2015 Top 20 legal advisors global deals Legal advisor Number of deals Number with consideration Total deal value Average deal value 1 Skadden Arps Slate Meagher & Flom LLP ,293 4,631 2 Cravath Swaine & Moore LLP ,556 10,407 3 Wachtell Lipton Rosen & Katz LLP ,359 9,385 4 Weil Gotshal & Manges LLP ,949 5,009 5 Latham & Watkins LLP ,580 2,539 6 Clifford Chance LLP ,814 3,405 7 Sullivan & Cromwell ,648 5,446 8 Simpson Thacher & Bartlett LLP ,310 2,698 9 Linklaters ,832 4, Freshfields Bruckhaus Deringer ,769 3, Kirkland & Ellis LLP ,745 1, Cleary Gottlieb Steen & Hamilton LLP ,063 5, Jones Day ,556 1, Hogan Lovells ,690 3, Morgan Lewis & Bockius LLP ,823 2, King & Wood Mallesons ,369 1, Davis Polk & Wardwell LLP ,574 2, Arthur Cox ,805 40, Slaughter and May ,417 3, A&L Goodbody Consulting Ltd ,337 48,584 These advisor rankings have been introduced to the Global FY 2015 report based on the most current data available at the time of writing. If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at [email protected] Page 16

18 Global League Tables, FY 2015 Top 20 private equity firms global deals Private equity firm Number of deals Number with consideration Total deal value Average deal value 1 Temasek Holdings Pte Ltd ,215 3,585 2 Silver Lake Technology Management LLC ,514 4,215 3 MSD Capital LP ,060 33,530 4 Canada Pension Plan Investment Board ,221 2,965 5 The Blackstone Group LP ,445 1,983 6 Carlyle Group LP ,870 1, G Capital Partners Ltd ,000 40,000 8 TPG Capital Management LP ,673 1,507 9 Kohlberg Kravis Roberts & Company LP , Warburg Pincus LLC , Bain Capital LLC ,707 1, Permira Advisers LLC ,000 11, BDT Capital Partners LLC ,900 4, GIC Pte Ltd ,251 1, Providence Equity Partners LLC ,752 1, Apollo Global Management LLC , Shanghai Trust Bridge Partners Investment Management LLC ,667 1, Global Infrastructure Management LLC ,662 2, Tiger Global Management LLC , Goldman Sachs Group Inc , These advisor rankings have been introduced to the Global FY 2015 report based on the most current data available at the time of writing. If you feel any of the above information is incorrect or you have not been accurately represented please get in touch with our advisors team at [email protected] Page 17

19 Western Europe, FY 2015 Western European deal value increases 50 per cent The value of mergers and acquisitions (M&A) targeting Western European companies climbed 50 per cent in 2015 to USD 1,734,886 million, representing the third consecutive yearly increase (2012: USD 835,347 million; 2013: USD 951,378 million; 2014: USD 1,156,677 million). Volume increased at the slower rate of 13 per cent from 22,501 deals in 2014 to 25,507 deals in the twelve months under review, following a 3 per cent dip last year (2013: 23,270 deals). By contrast the value of private equity and venture capital (PE and VC) investment in the region fell 21 per cent year-on-year, following three successive yearly increases. There were 3,497 deals worth USD 131,886 million announced in 2015, down on 3,520 deals worth USD 166,179 million in Western Europe deals by volume and value Announced date No of deals Total deal value ,507 1,734, ,501 1,156, , , , , , , , ,314 Page 18

20 Western Europe, FY ,000,000 1,800,000 2,000,000 1,600,000 1,800,000 1,600,000 1,400,000 1,400,000 1,200,000 1,200,000 1,000,000 1,000, , ,000 Deal value Deal value 600, , , , Total deal value Number of deals Total deal value Number of deals 30,000 30,000 25,000 25,000 20,000 20,000 15,000 15,000 10,000 5,000 5, Page 19

21 Western Europe, FY 2015 Top two deals boost M&A value The increase in M&A value can be attributed to higher deal values in 2015, as the year s two largest transactions globally featured targets based in Western Europe. The largest deal was Pfizer s agreement to acquire Irish pharmaceuticals maker Allergan for USD 160,000 million. This deal is subject to regulatory and shareholder approval and is expected to complete in mid This was followed by Anheuser-Busch InBev s USD 131,730 million acquisition of UK-based beer manufacturer SABMiller, which was announced in November. This transaction creates a brewing giant that would produce about a third of all beer consumed globally. Another notable deal in the region in 2015 was a USD 67,876 million restructuring transaction which saw Altice relocate to the Netherlands. The deal took the form of a purchase of Luxembourg-based Altice SA by newlyformed Dutch unit Altice NV. As a result of the deal, which closed in August, the target has ceased to exist. UK retains number one spot three years in a row The UK was once again the most frequently targeted Western European country, with 7,260 deals worth a collective USD 548,699 million in In monetary terms this is more than double the value of the deals recorded in 2014 (USD 266,160 million). The value of M&A targeting companies in Ireland skyrocketed to USD 266,593 million in 2015, from USD 62,850 million in 2014, which is largely attributable to Pfizer s takeover of Allergan and makes the country the second highest by value in the region. The Netherlands also increased in terms of value to USD 180,115 million in the year under review (2014: USD 106,817 million), as did France, Italy, Germany, Luxembourg, Belgium and Turkey, amongst other Western European countries. Top PE deal targets Swedish company UK companies were also subject to the largest amount of PE and VC investment in 2015, with USD 43,967 million across 932 transactions, representing an annual decrease by both volume and value (2014: 1,037 deals worth USD 53,875 million). The largest deal saw a Swedish company targeted by PE investors and involved Fortum selling its Fortum Distribution unit to a consortium including Forsta AP-Fonden, Tredje AP-Fonden and Borealis Infrastructure Management for USD 7,385 million in June. The deal represents 70 per cent of the country s total PE investment for the year (USD 10,555 million). Chemicals, rubber and plastics tops sector rankings The chemicals, rubber and plastics industry led the way by value in 2015, accounting for USD 366,755 million. However, the sector only placed fourth by volume with 1,210 deals, behind machinery, equipment, furniture and recycling with 2,965, wholesale and retail trade with 2,083 and publishing and printing with 1,311. Chemicals, rubber and plastics was significantly boosted by the Allergan transaction, and indeed five of the deals in the year s top 20 targeted the industry. In terms of value the post and telecommunications sector placed second with dealmaking of USD 197,570 million, while third place was taken by food, beverages and tobacco with USD 180,014 million. Page 20

22 Western Europe, FY 2015 Top 20 Western Europe deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date ,000 Acquisition 100% Allergan plc IE Pfizer Inc. US 23/11/ ,730 Acquisition 100% SABMiller plc GB Newco BE 11/11/ ,876 Acquisition 100% Altice SA LU Altice NV NL 06/08/ ,761 Acquisition 100% BG Group plc GB Royal Dutch Shell plc GB 08/04/ ,500 Acquisition 100% Allergan plc's Actavis global generic pharmaceuticals business IE Teva Pharmaceutical Industries Ltd IL 27/07/ ,105 Acquisition 100% - increased bid Perrigo Company plc IE Mylan NV NL 29/04/ ,767 Acquisition Wind Telecomunicazioni SpA; 3 Italia SpA IT; IT Hutchison 3G Italy Investments Sarl LU 06/08/ ,392 Acquisition 100% Visa Europe Ltd GB Visa Inc. US 02/11/ ,977 Acquisition 100% EE Ltd GB BT Group plc GB 05/02/ ,412 Acquisition 88% Lafarge SA FR Holcim Ltd CH 20/03/ ,345 Acquisition 100% Telefonica Europe plc GB Hutchison 3G UK Holdings (CI) Ltd KY 24/03/ ,799 Acquisition 100% Deutsche Wohnen AG DE Vonovia SE DE 01/12/ ,135 Minority stake 16% Lloyds Banking Group plc GB 12/05/ ,585 Acquisition 100% Alstom SA's energy activities FR General Electric Company US 08/09/ ,568 Acquisition 100% Alcatel-Lucent SA FR Nokia Oyj FI 12/11/ ,411 Acquisition 100% Delhaize Group SA BE Koninklijke Ahold NV NL 24/06/ ,872 Capital Increase 9% Banco Santander SA ES 08/01/ ,818 Minority stake 12% Unilever NV NL NN Group NV NL 26/05/ ,721 Minority stake 12% Unilever NV NL 26/05/ ,000 Acquisition OCI NV's methanol and ammonia facility near Beaumont, Texas; OCI NV's European, North American and Global Distribution businesses; OCI NV's nitrogen production facilities in Geleen, Netherlands; OCI NV's nitrogen production facilities in Wever, Iowa; OCI NV's Global Distribution business in Dubai US; NL; US; AE Darwin Holdings Ltd GB 06/08/2015 Page 21

23 Western Europe, FY 2015 Target country by volume - Western Europe deals Target country by value - Western Europe deals Target country Target country UK 6,786 6,549 7,260 Germany 1,992 2,031 3,043 Spain 2,458 2,769 2,998 France 1,895 2,218 2,949 Netherlands 1,491 1,411 1,908 Sweden 1,435 1,363 1,374 Italy 1,289 1,401 1,308 Finland 1,643 1,056 1,001 Switzerland Belgium Turkey Norway Denmark Ireland Portugal Austria Luxembourg Cyprus Greece Malta UK 195, , ,699 Ireland 26,050 62, ,593 Netherlands 137, , ,115 France 72, , ,887 Italy 64, , ,302 Germany 113, , ,401 Spain 89,665 91,481 88,949 Luxembourg 22,266 20,728 82,038 Switzerland 18,647 70,662 53,793 Sweden 32,515 32,320 31,338 Belgium 32,095 17,975 28,908 Turkey 18,666 13,556 22,051 Denmark 13,017 19,829 14,231 Greece 42,748 14,098 12,435 Portugal 12,625 29,675 10,303 Norway 24,279 33,644 9,531 Finland 23,050 17,936 8,507 Austria 9,742 16,516 4,104 Cyprus 10,590 4,998 2,123 Gibraltar ,858 Page 22

24 Western Europe, FY 2015 Target sector by volume - Western Europe deals Target sector by value - Western Europe deals Target sector Target sector Other services 10,396 9,793 10,056 Machinery, equipment, furniture, recycling 2,212 2,284 2,965 Wholesale & retail trade 2,251 2,037 2,083 Publishing, printing ,311 Chemicals, rubber, plastics 1,042 1,054 1,210 Construction ,160 Metals & metal products ,144 Food, beverages, tobacco Post and telecommunications Transport Primary sector Gas, water, electricity Hotels & restaurants Education, health Banks Insurance companies Textiles, wearing apparel, leather Wood, cork, paper Public administration and defence Chemicals, rubber, plastics 64, , ,755 Other services 216, , ,411 Post and telecommunications 53,322 74, ,570 Food, beverages, tobacco 45,277 25, ,014 Machinery, equipment, furniture, recycling 81, , ,158 Banks 152, , ,404 Wholesale & retail trade 40,566 70,987 96,249 Primary sector 54,050 38,653 86,607 Gas, water, electricity 46,748 50,745 65,249 Transport 38,010 22,398 40,377 Insurance companies 30,139 32,784 39,869 Metals & metal products 41,181 20,613 36,147 Construction 29,294 38,366 31,242 Publishing, printing 19,550 14,957 23,354 Hotels & restaurants 7,894 15,954 16,977 Education, health 10,597 12,511 11,412 Textiles, wearing apparel, leather 9,489 15,762 9,326 Wood, cork, paper 4,464 5,670 4,496 Public administration and defence 2, Page 23

25 Western Europe, FY 2015 Western Europe private equity deals by volume and value Announced date No of deals Total deal value , , , , , , ,708 93, ,565 93, ,514 99,889 Page 24

26 Western Europe, FY 2015 Western Europe private equity deals by volume and value Deal value 180, , , , ,000 80,000 60,000 40,000 20,000 4,000 3,500 3,000 2,500 2,000 1,500 1, Total deal value Number of deals Page 25

27 Western Europe, FY 2015 Top 20 Western Europe private equity deals by value Deal value Deal type Target Target country Fund Manager/General Partner Announced date 1. 7,385 IBO 100% Fortum Distribution AB SE Forsta AP-Fonden; Tredje AP-fonden; Borealis 17/02/2015 Infrastructure Management Inc. 2. 4,043 IBO 100% LeasePlan Corporation NV NL Abu Dhabi Investment Authority; TDR Capital LLP; PGGM NV; Private Equity 23/07/2015 Advisors ApS; GIC Pte Ltd 3. 3,996 IBO 100% Autobahn Tank & Rast Holding GmbH DE Allianz Capital Partners GmbH; MEAG Munich Ergo AssetManagement 03/08/2015 GmbH; Borealis Infrastructure Management Inc.; Infinity Investments SA 4. 3,219 IBO 100% Verallia SA FR Apollo Global Management LLC; BPI Groupe SA 29/10/ ,070 Acquisition 100% Douglas AG DE CVC Capital Partners Ltd 01/06/ ,992 IBO 100% New Look Retail Group Ltd GB Brait SE 15/05/ ,643 IBO Lumileds Holding BV NL Asia Pacific Resources Development Investment Ltd; GSR GO Scale Capital 31/03/2015 Advisor Ltd 8. 2,474 Minority stake 33% Associated British Ports Holdings Ltd GB Canada Pension Plan Investment Board 31/03/ ,445 IBO 92% Istituto Centrale delle Banche Popolari Italiane SpA IT Bain Capital LLC; Clessidra SGR SpA; Advent International plc 19/06/ ,400 IBO 100% TI Automotive Ltd GB Bain Capital LLC 27/01/ ,011 IBO 72% Synlab Holding GmbH DE Cinven Ltd 25/06/ ,947 Minority stake 45% Itinere de Infraestructuras SA ES Corsair Capital LLC 22/03/ ,936 IBO 100% Towergate Underwriting Group Ltd GB JP Morgan; Kohlberg Kravis Roberts & Company LP; Highbridge 06/02/2015 Capital Management LLC; Sankaty Advisors LLC 14. 1,731 Minority stake 10% International Consolidated Airlines Group SA ES HSBC Private Bank (UK) Ltd 30/01/ ,700 IBO 55% ERM Worldwide Ltd GB Alberta Investment Management Corporation; OMERS Private Equity Inc. 15/06/ ,678 IBO 100% Liberty Living Management Two Ltd; Brandeaux Student GB Canada Pension Plan Investment Board 06/03/2015 Accommodation Fund's UK student accommodation portfolio operating under the Liberty Living brand 17. 1,615 Acquisition 100% Sektor Gruppen AS NO Canada Pension Plan Investment Board 25/05/ ,306 IBO 100% Labco SA FR Cinven Ltd 27/05/ ,154 IBO 100% - Quintain Estates and Development plc GB 25/09/2015 increased bid 20. 1,152 IBO 100% Senvion SE DE Centerbridge Partners LP 22/01/2015 Page 26

28 Western Europe, FY 2015 Target country by volume - Western Europe private equity deals Target country by value - Western Europe private equity deals Target country Target country UK 867 1, France Germany Spain Italy Netherlands Finland Sweden Belgium Switzerland Denmark Ireland Portugal Austria Turkey Luxembourg Norway Gibraltar Cyprus Malta UK 41,664 53,875 43,967 Germany 20,290 21,409 17,534 Netherlands 4,068 9,212 15,033 Spain 4,912 12,036 12,629 France 12,852 25,847 12,010 Sweden 6,886 3,018 10,555 Italy 8,454 6,405 6,020 Luxembourg 4,361 3,632 2,537 Norway 3,363 7,364 2,115 Belgium 9,464 1,647 2,086 Switzerland 1,829 8,494 2,067 Denmark 4,451 4,057 1,914 Ireland 432 4,230 1,864 Austria 1,305 2, Turkey 135 1, Portugal 103 3, Finland 4,873 1, Malta Cyprus Gibraltar Page 27

29 Western Europe, FY 2015 Target sectors by volume - Western Europe private equity deals Target sectors by value - Western Europe private equity deals Target sector Target sector Other services 1,553 1,839 1,697 Publishing, printing Machinery, equipment, furniture, recycling Wholesale & retail trade Chemicals, rubber, plastics Food, beverages, tobacco Metals & metal products Gas, water, electricity Hotels & restaurants Construction Textiles, wearing apparel, leather Education, health Transport Post and telecommunications Insurance companies Primary sector Wood, cork, paper Banks Public administration and defence Other services 44,897 68,701 44,628 Wholesale & retail trade 6,287 9,044 17,883 Gas, water, electricity 9,389 8,473 14,701 Machinery, equipment, furniture, recycling 8,710 12,059 12,592 Transport 11,437 5,369 9,395 Chemicals, rubber, plastics 6,058 26,793 8,387 Education, health 4,231 2,102 4,359 Primary sector 1,418 1,201 2,967 Publishing, printing 6,263 2,673 2,728 Hotels & restaurants 3,007 7,186 2,591 Food, beverages, tobacco 3, ,421 Insurance companies 3,425 1,037 2,408 Construction 2,597 3,677 2,002 Post and telecommunications 4,205 4,280 1,909 Textiles, wearing apparel, leather 975 1,008 1,264 Metals & metal products 3,219 2, Wood, cork, paper 830 2, Banks 10,852 2, Public administration and defence Page 28

30 North America, FY 2015 North America M&A and PE value increase The value of mergers and acquisitions (M&A) targeting companies based in North America increased by 12 per cent to USD 2,079,776 million in 2015 from USD 1,858,458 million in By contrast volume fell 7 per cent from 19,545 to 18,264 deals. In keeping with the overall pattern for the region, the value of US deals climbed 15 per cent to USD 1,942,778 million in the year under review from USD 1,689,679 million in 2014, compared to a decrease in volume (2014: 15,399 deals; 2015: 14,356). However, Canada declined by both volume and value to 3,910 deals worth a collective USD 136,999 million in North America deals by volume and value Announced date No of deals Total deal value ,264 2,079, ,545 1,858, ,599 1,321, ,978 1,045, ,682 1,121, ,773 1,007,250 The value of private equity and venture capital (PE and VC) investment targeting the region increased for the fourth consecutive year to USD 375,719 million, while volume also reached a five year high of 7,029 deals. Both the US and Canada increased by PE and VC volume and value, as USD 365,863 million was invested into 6,613 deals in the former, while the latter had 412 deals valued at USD 8,840 million. Bureau van Dijk recently expanded its reach to cover an additional number of smaller development capital deals. This expansion has resulted in increased deal volumes and aggregated deal values across the North American data. Page 29

31 North America, FY 2015 US deals by volume and value Canada deals by volume and value Announced date No of deals Total deal value Announced date No of deals Total deal value ,356 1,942, ,399 1,689, ,618 1,200, , , , , , , , , , , , , , , , , , ,206 Page 30

32 North America, FY 2015 North America deals by volume and value 2,500,000 25,000 Deal value 2,000,000 1,500,000 1,000, ,000 20,000 15,000 10,000 5, Total deal value Number of deals Page 31

33 North America, FY 2015 US broadband company targeted in largest deal US-based companies occupied all but one of the region s top 20 deals by value. The highest valued transaction took the form of an acquisition by Charter Communications of New York-based broadband cable service provider Time Warner Cable for USD 78,700 million, which was announced in May. This was followed by the USD 67,000 million purchase of US-based network storage provider EMC by a consortium of investors including Dell, Temasek and Silver Lake, via newly-formed company Denali Holding. The deal is subject to shareholder and regulatory approval and is expected to close by the end of August The only on of the top 20 to target a company based in Canada involved Enbridge Income Fund acquiring three businesses from parent company Enbridge, including Enbridge Pipelines, Enbridge s Canadian renewable energy assets and Enbridge Pipelines Athabasca for USD 23,131 million. Machinery, equipment, furniture and recycling tops sector rankings The machinery, equipment, furniture and recycling industry led the way by both volume and value in 2015, accounting for USD 329,649 million across 1,616 transactions. Chemicals, rubber and plastics followed, with values increasing from USD 219,167 million in 2014 to USD 240,312 million in Insurance, post and telecommunications, wood, cork and paper and public administration and defence also significantly increased by value in the year under review. The publishing and printing sector came second by volume with 1,605 deals, followed by metals & metal products (1,565 deals), wholesale & retail trade (718) and the primary sector (716). Page 32

34 North America, FY 2015 Top 20 North America deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date 1. 78,700 Acquisition 100% Time Warner Cable Inc. US Charter Communications Inc. US 26/05/ ,000 Acquisition 100% EMC Corporation US Denali Holding Inc. US 12/10/ ,695 Acquisition 100% EI du Pont de Nemours & Company US The Dow Chemical Company US 11/12/ ,200 Acquisition 100% CIGNA Corporation US Anthem Inc. US 24/07/ ,000 Acquisition 100% Kraft Foods Group Inc. US The Kraft Heinz Company US 25/03/ ,700 Acquisition 100% The Williams Companies Inc. US Energy Transfer Corporation LP US 28/09/ ,200 Acquisition 100% Precision Castparts Corporation US Berkshire Hathaway Inc. US 10/08/ ,000 Acquisition 100% Broadcom Corporation US Pavonia Ltd SG 28/05/ ,000 Acquisition 100% Humana Inc. US Aetna Inc. US 03/07/ ,000 Acquisition GE Commercial Distribution Finance Corporation; General Electric US; US; Wells Fargo & Company Inc. US 13/10/2015 Capital Corporation's North American Vendor Finance business; General Electric Capital Corporation's Corporate Finance business US ,300 Acquisition 100% The Chubb Corporation US ACE Ltd CH 01/07/ ,131 Acquisition 100% Enbridge Pipelines (Athabasca) Inc.; Enbridge Pipelines Inc.; Enbridges Inc.'s Canadian renewable energy assets CA; CA; CA Enbridge Income Fund; Enbridge Income Fund Holdings Inc. CA 19/06/ ,000 Acquisition 100% Pharmacyclics Inc. US AbbVie Inc. US 04/03/ ,000 Acquisition 100% MarkWest Energy Partners LP US MPLX LP US 13/07/ ,000 Acquisition 100% Sandisk Corporation US Western Digital Corporation US 21/10/ ,000 Acquisition 100% Regency Energy Partners LP US Energy Transfer Partners LP US 26/01/ ,700 Acquisition 100% Cablevision Systems Corporation US Altice NV NL 17/09/ ,200 Acquisition 100% Procter & Gamble Company's 43 beauty RMT brands holding company US Green Acquisition Sub Inc. US 09/07/ ,200 Acquisition 100% Rite Aid Corporation US Walgreens Boots Alliance Inc. US 27/10/ ,000 Acquisition 100% Hospira Inc. US Pfizer Inc. US 05/02/2015 Page 33

35 North America, FY 2015 Target sector by volume - North America deals Target sector by value - North America deals Target sector Target sector Other services 8,226 9,120 8,034 Machinery, equipment, furniture, recycling 1,659 1,974 1,616 Publishing, printing 548 1,183 1,605 Metals & metal products 1,608 1,674 1,565 Wholesale & retail trade Primary sector 924 1, Chemicals, rubber, plastics Education, health Insurance companies Food, beverages, tobacco Banks Transport Gas, water, electricity Construction Hotels & restaurants Post and telecommunications Textiles, wearing apparel, leather Wood, cork, paper Public administration and defence Other services 408, , ,342 Machinery, equipment, furniture, recycling 147, , ,649 Chemicals, rubber, plastics 75, , ,312 Insurance companies 17,236 29, ,766 Post and telecommunications 221,490 21, ,692 Primary sector 114, , ,250 Transport 44, , ,179 Wholesale & retail trade 72,694 83, ,256 Food, beverages, tobacco 47,237 90,854 82,480 Gas, water, electricity 49,524 80,240 72,473 Publishing, printing 10,058 31,975 56,088 Banks 23,119 37,384 32,137 Education, health 23,621 15,298 28,214 Hotels & restaurants 9,208 36,799 27,171 Wood, cork, paper 8,641 7,328 26,208 Metals & metal products 30,234 37,494 25,186 Construction 12,547 17,007 13,646 Public administration and defence ,555 Textiles, wearing apparel, leather 5,722 5,820 5,064 Page 34

36 North America, FY 2015 North America private equity deals by volume and value Canada private equity deals by volume and value Announced date No of deals Total deal value Announced date No of deals Total deal value , , , , , , , , , , , , , , , , , ,363 US private equity deals by volume and value Announced date No of deals Total deal value , , , , , , , , , , , ,184 Page 35

37 North America, FY 2015 North America private equity deals by volume and value Deal value 400, , , , , , ,000 50,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, Total deal value Number of deals Page 36

38 North America, FY 2015 Top 20 North America private equity deals by value Deal value Deal type Target Target country Fund Manager/General Partner Announced date 1. 67,000 Acquisition 100% EMC Corporation US Silver Lake Technology Management LLC; MSD Capital LP; Temasek Holdings Pte Ltd 12/10/ ,000 Acquisition 100% Kraft Foods Group Inc. US 3G Capital Partners Ltd 25/03/ ,700 Acquisition 100% Cablevision Systems Corporation US Canada Pension Plan Investment Board 17/09/ ,900 Acquisition 100% Keurig Green Mountain Inc. US BDT Capital Partners LLC 07/12/ ,000 IBO 100% BioMed Realty Trust Inc. US The Blackstone Group LP 08/10/ ,000 IBO 100% Veritas Technologies Corporation US Carlyle Group LP; GIC Pte Ltd 11/08/ ,600 IBO 100% Home Properties Inc. US Lone Star Global Acquisitions Ltd 22/06/ ,500 IBO 100% Solera Holdings Inc. US Goldman Sachs Group Inc.; Vista Equity Partners 13/09/2015 Management LLC; Koch Equity Development LLC 9. 6,000 Acquisition 100% Strategic Hotels & Resorts Inc. US The Blackstone Group LP 08/09/ ,300 IBO 100% Informatica Corporation US Canada Pension Plan Investment Board; Permira Advisers LLC 07/04/ ,500 IBO 100% SolarWinds Inc. US Thoma Bravo LLC 21/10/ ,000 Acquisition 100% DealerTrack Technologies Inc. US BDT Capital Partners LLC 15/06/ ,000 IBO 100% Life Time Fitness Inc. US Leonard Green & Partners LP; LNK Partners; TPG Capital Management LP 16/03/ ,000 IBO majority stake % Arnhold and S Bleichroeder Holdings Inc. US The Blackstone Group LP; Corsair Capital LLC 20/07/ ,500 IBO majority stake % Ellucian Company LP US Leonard Green & Partners LP; TPG Capital Management LP 14/08/ ,000 IBO 100% Belk Inc. US Sycamore Partners Management LLC 24/08/ ,836 IBO 100% Skyway Concession Company LLC US Ontario Teachers' Pension Plan; The Ontario Municipal Employees 13/11/2015 Retirement System; Canada Pension Plan Investment Board 18. 2,700 IBO100% MedAssets Inc. US Pamplona Capital Management LLP 01/11/ ,675 IBO 50% Hess Infrastructure Partners US Global Infrastructure Management LLC 11/06/ ,533 IBO 100% Heritage Royalty LP CA Ontario Teachers' Pension Plan 30/06/2015 Page 37

39 North America, FY 2015 Target sectors by volume - North America private equity deals Target sectors by value - North America private equity deals Target sector Target sector Other services 3,728 4,054 3,714 Publishing, printing Machinery, equipment, furniture, recycling Chemicals, rubber, plastics Wholesale & retail trade Education, health Food, beverages, tobacco Primary sector Metals & metal products Textiles, wearing apparel, leather Gas, water, electricity Hotels & restaurants Transport Post and telecommunications Insurance companies Construction Banks Wood, cork, paper Public administration and defence Other services 72, , ,345 Machinery, equipment, furniture, recycling 50,532 14,367 80,990 Food, beverages, tobacco 29,646 2,683 54,454 Publishing, printing 3,697 15,160 33,236 Post and telecommunications 1,412 1,780 18,045 Primary sector 6,866 16,485 13,769 Wholesale & retail trade 13,466 27,666 11,340 Transport 2,364 2,612 10,929 Education, health 3,002 3,544 6,464 Chemicals, rubber, plastics 8,890 14,000 5,558 Insurance companies 4,695 5,619 3,239 Construction 1,201 1,978 2,983 Gas, water, electricity 2,218 13,173 2,952 Hotels & restaurants 617 6,142 2,054 Textiles, wearing apparel, leather 3,607 4,244 1,736 Metals & metal products 1,013 6, Banks Public administration and defence Wood, cork, paper Page 38

40 Asia and Asia Pacific, FY 2015 Asia-Pacific M&A volume and value up on 2014 M&A activity targeting companies based in Asia-Pacific increased in terms of both volume and value in 2015 as both reached their highest levels of the six years under review. In all 31,978 deals worth a combined USD 1,788,422 million were signed off in 2015, compared to 29,945 worth USD 1,239,889 million in This represents a 7 per cent increase in volume and a 44 per cent improvement by value. PE investment by value increased at the slower rate of 30 per cent as USD 106,580 million was invested across 3,334 deals. This represents a significant climb on the 1,974 transactions worth USD 82,180 million in 2014 and again is the highest level recorded of the six years under review for both volume and value. Asia and Asia Pacific deals by volume and value Announced date No of deals Total deal value ,978 1,788, ,945 1,239, , , , , , , , ,007 Page 39

41 Asia and Asia Pacific, FY 2015 Asia and Asia Pacific deals by volume and value 2,000,000 35,000 1,800,000 1,600,000 30,000 Deal value 1,400,000 1,200,000 1,000, , , , ,000 25,000 20,000 15,000 10,000 5, Total deal value Number of deals Page 40

42 Asia and Asia Pacific, FY 2015 Nanyang Commercial Bank targeted in year s top deal The region s largest deal in 2015 was Cinda Financial Holdings USD 43,482 million acquisition of Hong Kong-based Nanyang Commercial Bank, which was announced in December and is scheduled to close in the first half of This was closely followed by a deal worth USD 37,446 million as CK Hutchison Holdings acquired Cheung Kong (Holdings) in March. As a result, the target delisted from the Hong Kong Stock Exchange. Both these deals had targets based in Hong Kong, as did the third largest transaction of the year. However, none of 2015 s other top 20 Asia-Pacific deals targeted the country; China was the most commonly occurring target, having been targeted in nine of the year s top 20 deals. Mixed fortunes for top dealmaking countries Despite the Asia-Pacific region s impressive performance in terms of dealmaking in 2015, more than half of the USD 1,788,422 million of deals over the year were attributable to China, which was targeted in deals worth USD 970,510 million. This was a significant improvement on 2014, when it recorded deals of USD 544,627 million. Second place was some way behind as Hong Kong was targeted in deals worth USD 160,749 million, although this did represent a significant increase on the USD 39,695 million invested in Third place was taken by Australia with USD 158,746 million (2014: USD 140,254 million). Many countries improved in terms of value year-on-year, although there were a number of exceptions, including Japan (2014: USD 147,976 million; 2015: USD 125,403 million), South Korea (2014: USD 112,534 million; 2015: USD 104,242 million) and Singapore (2014: USD 38,241 million; 2015: USD 27,660 million). PE investment rockets year-on-year Companies in the Asia-Pacific region received private equity and venture capital (PE and VC) investment of USD 106,580 million across 3,334 deals in 2015, marking an increase on the 1,974 deals worth USD 82,180 million announced in As with M&A, China led the way by value for the year with investment of USD 48,281 million, ahead of Australia (USD 21,899 million) and South Korea (USD 15,134 million). China was also the most frequent target for PE and VC investors with 1,762 deals, compared to second-placed India s 972. The year s largest PE and VC transaction was a USD 7,463 million acquisition of Transgrid from the Government of New South Wales by Spark Infrastructure and partners including the Utilities Trust of Australia, La Caisse de depot et placement du Quebec and Tawreed Investments. Machinery, equipment, furniture and recycling tops sector rankings The machinery, equipment, furniture and recycling industry topped the rankings by both volume and value in 2015, accounting for 5,691 deals worth USD 253,155 million. In terms of value it was followed by the construction industry with USD 170,438 million and chemicals, rubber and plastics with USD 168,391 million. The latter placed second by volume with 2,809 deals, while wholesale and retail trade was fourth with 2,085. Page 41

43 Asia and Asia Pacific, FY 2015 Top 20 Asia and Asia Pacific deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date 1. 43,482 Acquisition 100% Nanyang Commercial Bank Ltd HK Cinda Financial Holdings Co., Ltd HK 18/12/ ,446 Acquisition 100% Cheung Kong (Holdings) Ltd HK CK Hutchison Holdings Ltd KY 05/02/ ,925 Acquisition increased Hutchison Whampoa Ltd HK CK Global Investments Ltd VG 30/03/2015 from 53% to 100% 4. 20,141 Capital Increase % China Railway Development Fund Co., Ltd CN Investors; China Pacific Life Insurance CN; CN; CN 14/06/2015 Co., Ltd; China Pacific Property Insurance Co., Ltd; China Railway Corporation 5. 19,130 Acquisition 100% PetroChina United Pipelines Co., Ltd CN PetroChina Pipeline Co., Ltd CN 25/12/ ,423 Acquisition 100% China Mobile Communication Co., Ltd's CN China Tower Corporation Ltd CN 14/10/2015 telecommunication assets 7. 12,604 Capital Increase 83% 06/11/2015 Tongfang Guoxin Electronics Co., Ltd CN Employee Stock Ownership Plan; Beijing Guoyan Baoye Investment Management Co., Ltd; Tibet Jiankun Zhongxin Investment Co., Ltd; Tibet Ziguang Dongyue Communication Investment Co., Ltd; Tibet Ziguang Xiyue Communication Investment Co., Ltd; Tibet Ziguang Shuren Education Investment Co., Ltd; Tibet Ziguang Boyi Education Investment Co., Ltd; Tibet Ziguang Shencai Investment Co., Ltd; Tibet Ziguang Guoxin Investment Co., Ltd CN; CN; CN; CN; CN; CN;CN; CN 8. 12,523 Acquisition 100% Three Gorges Jinsha River Chuanyun CN China Yangtze Power Co., Ltd CN 02/09/2015 Hydropower Development Co., Ltd 9. 10,656 Acquisition 100% PetroChina Northwest United Pipelines Co., Ltd CN PetroChina Pipeline Co., Ltd CN 25/12/ ,003 Acquisition 100% China United Network Communications Corporation; Unicom New Horizon Telecommunication Co., Ltd CN; CN China Tower Corporation Ltd CN 14/10/2015 Page 42

44 Asia and Asia Pacific, FY 2015 Top 20 Asia and Asia Pacific deals by value (cont d) Deal value Deal type Target Target country Acquiror Acquiror country Announced date 11. 7,504 Acquisition 100% Samsung C&T Corporation KR Cheil Industries Inc. KR 26/05/ ,463 Acquisition 100% Government of New South Wales' Transgrid AU La Caisse de depot et placement du Quebec; Utilities Trust of Australia; Spark Infrastructure Group; Wren House Infrastructure Management Ltd; Tawreed Investments Ltd 13. 7,347 Acquisition increased from 15% to 100% - Increased offer 14. 7,282 Acquisition Lafarge SA s Indian assets; Holcim Ltd s Philippine assets; Lafarge SA s Philippine assets, among other international assets 15. 7,087 Acquisition 100% Focus Multimedia Technology (Shanghai) Co., Ltd CA; AU; AU; GB; SA 24/11/2015 Asciano Ltd AU Nitro Corporation Pty Ltd AU 05/11/2015 IN; PH; PH CRH plc IE 02/02/2015 CN Hedy Holding Co., Ltd CN 01/09/2015 Page 43

45 Asia and Asia Pacific, FY 2015 Top 20 Asia and Asia Pacific deals by value (cont d) Deal value Deal type Target Target country Acquiror Acquiror country Announced date 16. 6,948 Minority stake 17% Postal Savings Bank of China Co., Ltd CN JP Morgan; UBS AG; China Telecom Corporation Ltd; DBS Bank Ltd; Temasek Holdings Pte Ltd; The International Finance Corporation; China Life Insurance Co., Ltd; Canada Pension Plan Investment Board; Tencent Holdings Ltd; Zhejiang Ant Small and Micro Financial Services Group Co., Ltd 17. 6,537 IBO 100% Homeplus Co., Ltd; Homeplus Tesco Co., Ltd 18. 6,421 Acquisition 100% General Electric Capital Corporation s vehicle fleet-management division in Australia; General Electric Capital Corporation s vehicle fleetmanagement division in New Zealand, among other international assets US; CH; CN; SG; SG; II; CN; CA; KY; CN 08/12/2015 KR; KR Temasek Holdings Pte Ltd; Canada Pension Plan Investment Board; MBK Partners Ltd; Public Sector Pension Investment Board; Undisclosed acquirors SG 07/09/2015 AU; NZ Element Financial Corporation CA 29/06/ ,200 Acquisition 100% Toll Holdings Ltd AU Japan Post Co., Ltd JP 02/04/ ,070 Acquisition 100% Novion Property Group AU Federation Centres AU 15/04/2015 Page 44

46 Asia and Asia Pacific, FY 2015 Target country by volume - Asia and Asia Pacific deals Target country by value - Asia and Asia Pacific deals Target country Target country China 4,940 6,798 10,098 Australia 5,214 4,431 3,896 Japan 3,207 3,966 3,436 South Korea 3,046 3,371 3,323 India 1,970 3,183 3,175 Taiwan 2,289 2,338 2,217 Malaysia 1,225 1,381 1,274 Vietnam 825 1,128 1,148 Singapore Thailand Hong Kong Indonesia New Zealand Kazakhstan Philippines Sri Lanka Uzbekistan Kyrgyzstan Samoa Pakistan China 275, , ,510 Hong Kong 19,646 39, ,749 Australia 115, , ,746 Japan 132, , ,403 South Korea 76, , ,242 India 53,674 73,897 85,364 Taiwan 53,471 56,876 73,777 Singapore 28,515 38,241 27,660 New Zealand 11,292 15,261 22,216 Philippines 14,068 10,245 17,717 Malaysia 16,066 28,046 17,304 Thailand 14,064 17,396 14,327 Indonesia 26,393 15,735 12,402 Kazakhstan 7,879 5,394 4,920 Pakistan ,768 Vietnam 5,265 7,210 4,665 British Virgin Islands 1, ,059 Cayman Islands 2,092 1,188 3,739 Marshall Islands 3,622 7,112 1,956 Myanmar/Burma Page 45

47 Asia and Asia Pacific, FY 2015 Target sector by volume - Asia and Asia Pacific deals Target sector by value - Asia and Asia Pacific deals Target sector Target sector Other services 7,628 8,617 10,093 Machinery, equipment, furniture, recycling 4,475 5,496 5,691 Chemicals, rubber, plastics 2,203 2,766 2,809 Wholesale & retail trade 1,975 2,101 2,085 Metals & metal products 2,112 2,194 2,070 Publishing, printing 990 1,463 1,836 Construction 1,587 1,816 1,798 Primary sector 911 1,046 1,013 Food, beverages, tobacco Transport Gas, water, electricity Textiles, wearing apparel, leather Education, health Banks Hotels & restaurants Post and telecommunications Insurance companies Wood, cork, paper Public administration and defence Other services 205, , ,859 Machinery, equipment, furniture, recycling 136, , ,155 Construction 73,065 98, ,438 Chemicals, rubber, plastics 72, , ,391 Banks 66, , ,303 Wholesale & retail trade 52,983 76,213 95,895 Transport 38,758 52,823 93,180 Gas, water, electricity 30,989 32,903 73,171 Metals & metal products 53,055 50,220 71,265 Post and telecommunications 19,742 23,693 59,335 Primary sector 28,339 52,228 37,911 Food, beverages, tobacco 35,802 35,632 34,638 Publishing, printing 12,812 22,690 33,970 Insurance companies 17,609 25,934 26,685 Textiles, wearing apparel, leather 8,374 8,138 17,426 Hotels & restaurants 7,226 11,376 12,089 Education, health 5,846 8,455 11,805 Wood, cork, paper 3,259 7,532 7,887 Public administration and defence Page 46

48 Asia and Asia Pacific, FY 2015 Asia and Asia Pacific private equity deals by volume and value Announced date No of deals Total deal value , , ,974 82, ,220 33, ,110 31, ,175 42, ,619 Page 47

49 Asia and Asia Pacific, FY 2015 Asia and Asia Pacific private equity deals by volume and value Deal value 120, ,000 80,000 60,000 40,000 20,000 4,000 3,500 3,000 2,500 2,000 1,500 1, Total deal value Number of deals Page 48

50 Asia and Asia Pacific, FY 2015 Top 20 Asia and Asia Pacific private equity deals by value Deal value (mil USD) Deal type Target Target country Fund Manager/General Partner Announced date 1. 7,463 Acquisition 100% Government of New South Wales' Transgrid AU La Caisse de depot et placement du Quebec 24/11/ ,948 Minority stake 17% Postal Savings Bank of China Co., Ltd CN JP Morgan; UBS AG; China Telecom Corporation Ltd; DBS Bank Ltd; Temasek 08/12/2015 Holdings Pte Ltd; The International Finance Corporation; China Life Insurance Co., Ltd; Canada Pension Plan Investment Board; Tencent Holdings Ltd; Zhejiang Ant Small and Micro Financial Services Group Co., Ltd 3. 6,537 IBO 100% Homeplus Co., Ltd; Homeplus Tesco Co., Ltd KR; KR Temasek Holdings Pte Ltd; Canada Pension Plan Investment Board; 07/09/2015 MBK Partners Ltd; Public Sector Pension Investment Board 4. 5,901 Acquisition 100% General Electric Capital Corporation's Australian AU; NZ Kohlberg Kravis Roberts & Company LP 15/03/2015 consumer lending business; General Electric Capital Corporation's New Zealand consumer lending business 5. 3,613 IBO remaining stake Falcon View Technology Ltd CN 17/04/ ,485 IBO 90% Korail Airport Railroad Co., Ltd KR Kookmin Bank; Industrial Bank of Korea 23/06/ ,125 IBO 100% Apache Energy Ltd AU Brookfield Asset Management Inc.; Macquarie Capital Group Ltd 08/04/ ,963 Minority stake 8% Zhejiang Ant Small and Micro CN China Development Bank Capital Corporation Ltd; PICC Capital Investment Management 30/06/2015 Financial Services Group Co., Ltd Co., Ltd; Shanghai Zhongfu Investment Management Co., Ltd; Shanghai Zhongfu Investment Management Co., Ltd; GP Capital Co., Ltd; Primavera Capital Group 9. 1,648 Minority stake 20% Asciano Ltd AU Global Infrastructure Management LLC 29/10/ ,621 IBO 89% Guangdong Bolangte Intelligent Equipment Co., Ltd CN Guangdong Rongzhao Investment Management Co., Ltd 25/12/2015 Page 49

51 Asia and Asia Pacific, FY 2015 Top 20 Asia and Asia Pacific private equity deals by value (cont d) Deal value (mil USD) Deal type Target Target country Fund Manager/General Partner Announced date 11. 1,546 IBO 100% Crown Castle Australia Pty Ltd AU Macquarie Infrastructure and Real Assets (Europe) Ltd 14/05/ ,021 Acquisition 86% United Envirotech Ltd SG Kohlberg Kravis Roberts & Company LP 05/03/ Acquisition 55% Tongyang Cement & Energy Corporation KR The Korea Development Bank 28/08/ Minority stake Suzhou Tongcheng Network CN Dalian Wanda Group Co., Ltd; CITIC Capital Holdings Ltd 03/07/2015 Technology Share Co., Ltd Minority stake 19% Zhongan Online Property Insurance Co., Ltd CN Morgan Stanley; China International Capital Corporation Ltd; SAIF Advisors Ltd; CDH China 11/06/2015 Growth Capital Holdings Co., Ltd; Keywise Capital Management (HK) Co., Ltd IBO 100% HCP Holdings Inc. TW Baring Private Equity Partners Asia 16/12/ Minority stake One97 Communications Ltd IN Zhejiang Ant Small and Micro Financial Services Group Co., Ltd; Alibaba Capital Partners 05/08/ Minority stake Shanghai Lazhasi Information CN Tencent Holdings Ltd; Beijing Hualian Department Store Co., Ltd; JD.com Inc.; 28/08/2015 Technology Co., Ltd Sequoia Capital China Advisors Ltd; CITIC Private Equity Funds Management Co., Ltd; China Media Capital Co., Ltd; Gopher Asset Management Co., Ltd Acquisition 75% Shell Tongyi (Beijing) Petroleum Chemical Co., Ltd CN Carlyle Group LP 07/08/ Capital Increase 20% Doosan Infracore Bobcat Holdings Co., Ltd KR POSCO Capital Corporation; Shinhan BNP Paribas Asset Management Co., Ltd; Golden Bridge Investment & Securities Co., Ltd 12/08/2015 Page 50

52 Asia and Asia Pacific, FY 2015 Target country by volume - Asia and Asia Pacific private equity deals Target country by value - Asia and Asia Pacific private equity deals Target country Target country China ,762 India Japan South Korea Australia Singapore Indonesia Malaysia New Zealand Hong Kong Taiwan Thailand Philippines Vietnam Pakistan Kazakhstan Armenia Myanmar/Burma Georgia Vanuatu Papua New Guinea China 8,131 38,225 48,281 Australia 7,859 11,337 21,899 South Korea 5,203 8,700 15,134 India 4,076 8,019 14,476 New Zealand 659 1,537 6,597 Singapore 181 3,619 2,420 Japan 4,084 6,087 2,206 Taiwan Myanmar/Burma Philippines Hong Kong 282 2, Vietnam Malaysia 487 1, Indonesia 1, Pakistan Armenia Thailand Kazakhstan Georgia Page 51

53 Asia and Asia Pacific, FY 2015 Target sectors by volume - Asia and Asia Pacific private equity deals Target sectors by value - Asia and Asia Pacific private equity deals Target sector Target sector Other services 674 1,078 1,846 Publishing, printing Machinery, equipment, furniture, recycling Wholesale & retail trade Chemicals, rubber, plastics Education, health Food, beverages, tobacco Transport Hotels & restaurants Construction Metals & metal products Primary sector Textiles, wearing apparel, leather Gas, water, electricity Wood, cork, paper Post and telecommunications Insurance companies Banks Public administration and defence Other services 13,674 30,157 48,213 Wholesale & retail trade 2,666 19,409 8,353 Gas, water, electricity 743 1,091 8,114 Banks ,062 Transport 2,012 2,877 6,751 Machinery, equipment, furniture, recycling 3,185 8,328 6,069 Publishing, printing 620 4,495 5,544 Chemicals, rubber, plastics 1,769 5,965 3,886 Primary sector 124 3,392 2,697 Construction 2,593 1,790 1,897 Post and telecommunications 630 1,017 1,649 Education, health ,583 Insurance companies 1, ,238 Food, beverages, tobacco 1,581 1,048 1,214 Hotels & restaurants ,139 Textiles, wearing apparel, leather Wood, cork, paper Metals & metal products 669 1, Public administration and defence Page 52

54 MENA, FY 2015 MENA volume increases The value of mergers and acquisitions (M&A) targeting companies based in the Middle East and North Africa (MENA) declined 11 per cent to USD 30,595 million in 2015 from USD 34,529 million in 2014, representing the second consecutive decline by value (2013: USD 38,568 million). Value in the region was held up by five high value deals, all worth USD 1,000 million or more, in In spite of the decline by value, volume increased 26 per cent from 521 deals in 2014 to 657 deals in the year under review. This represents the second highest figure of the last six financial years (2010: 1,111 deals). MENA deals by volume and value Announced date No of deals , , , , , ,111 27,808 Total deal value By contrast private equity and venture capital (PE and VC) investment rose by both volume and value to 61 deals worth a collective USD 3,251 million, compared to 56 deals worth USD 2,393 million in The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 53

55 MENA, FY 2015 MENA deals by volume and value Deal value 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 1,200 1, Total deal value Number of deals The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 54

56 MENA, FY 2015 Chemical assets targeted in top deal The largest deal to take place in the MENA region was an asset sale by OCI worth USD 8,000 million. CF Industries, through its nitrogen fertiliser holding company Darwin Holdings, agreed to acquire OCI s global distribution business in Dubai, among other European and North American assets, in August. This deal represented 26 per cent of total MENA value for 2015 (USD 30,595 million). The second largest transaction was Total s acquisition of a 10 per cent stake in Abu Dhabi Company for Onshore Oil Operations for USD 2,200 million in January. The company was also the subject of two other large deals this year, which included Inpex s purchase of a 5 per cent stake for USD 1,100 million in April and GS E&P picking up 3 per cent for USD 680 million in May. Chemicals, rubber and plastics leads the way by value Companies operating in the chemical, rubber and plastics industry were the most valuable in 2015 as total investment in the sector climbed to a high of USD 9,266 million from USD 1,633 million in This was followed by the wholesale and retail trade sector, which almost tripled from USD 3,424 million to USD 9,169 million in the 12 months under review. Another industry to record significant growth was the primary sector, defined as agriculture, mining etc., with USD 4,642 million worth of investment, which was five times higher than the USD 775 million recorded in Construction companies were the most frequently targeted in 2015 with 73 deals, up from 57 in 2014, ahead of the chemical, rubber and plastics sector, which was targeted in 68 deals, and wholesale and retail trade (42 deals). UAE leads by value while Egypt is first by volume The value of MENA investment targeting companies based in the UAE rose to a new high of USD 15,186 million in 2015, a 29 per cent increase on USD 11,809 million in 2014, and almost four times larger than Egypt, which notched up USD 3,923 million worth of investment. Saudi Arabia came third by value with USD 3,498 million, followed by Kuwait with USD 2,177 million and Iran (USD 1,947 million). Despite only coming second by value, Egypt was the most frequently targeted country in the 12 months under review, with investments across 163 deals, an unchanged result year-on-year. Jordan followed with 121 deals, up from 82 in 2014, just ahead of the UAE which was targeted in 107 deals. The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 55

57 MENA, FY 2015 Top 20 MENA deals by value Deal value (mil USD) Deal type Target Target country Acquiror Acquiror country Announced date 1. 8,000 Acquisition OCI NV s Global Distribution business in Dubai, among other international assets AE Darwin Holdings Ltd GB 06/08/ ,200 Minority stake 10% Abu Dhabi Company for Onshore Oil Operations AE Total SA FR 01/01/ ,215 Acquisition increased from 26% Kuwait Telecom Company KW Saudi Telecom Company SA 19/11/2015 to 100% 4. 1,100 Minority stake 5% Abu Dhabi Company for Onshore Oil Operations AE Inpex Corporation JP 27/04/ ,000 Minority stake 49% Network International LLC AE Warburg Pincus LLC; General Atlantic Corporation US; US 26/11/ Minority stake 3% Abu Dhabi Company for Onshore Oil Operations AE GS E&P Ptd Ltd KR 13/05/ Acquisition increased from 98% Daelim Saudi Arabia Co., Ltd SA Daelim Industrial Co., Ltd KR 17/12/2015 to 100% Acquisition 100% Damavand Petrochemical Company IR 05/09/ Acquisition increased to 100% Samsung Saudi Arabia Ltd SA Samsung Engineering Co., Ltd; Samsung India KR; IN 22/10/2015 Pvt Ltd Capital Increase 25% Pioneers Holding Company SAE EG 07/04/2015 The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel. Page 56

58 MENA, FY 2015 Top 20 MENA deals by value (cont d) Deal value (mil USD) Deal type Target Target country Acquiror Acquiror country Announced date Capital Increase 84% Societe Tunisienne de Banque TN 21/07/ IBO 13%, 18%, 25%, 30%, 33%, 34% and 46% United Company for Foundries SAE; TAQA Arabia Company SAE; ASEC Holding Company; Nile Logistics; NDT Convertible; Dina Farms Retail Supermarkets; Mashreq Petroleum Company EG Qalaa Holdings SAE EG 23/06/ Minority stake 30% Saham Finances SA MA Santam Ltd; Sanlam Emerging Markets (Pty) Ltd ZA; ZA 24/11/ Minority stake 17% Al-Khalij Commercial Bank QA Qatar Investment Authority QA 06/01/ Acquisition 100% Esfarayen Industrial Complex Company IR 03/02/ Acquisition 84% Afaq for Energy Company Plc JO 07/07/ Minority stake Healthcare MENA Ltd AE Al Masah Capital Ltd KY 05/10/ Capital Increase 13% Emaar Misr for Development Company SAE EG 05/05/ Acquisition 9% El Ezz Flat Steel SAE EG Al Ezz Steel Rebars Company EG 19/04/ Acquisition increased from 40% to 97% Sanad Hospital SA Aster DM Healthcare FZC AE 12/10/2015 The Middle East region covers target companies in Bahrain, Iran, Iraq, Kuwait, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Syrian Arab Republic, UAE and Yemen. It excludes Israel. Page 57

59 MENA, FY 2015 Target country by volume - MENA deals Target country by value - MENA deals Target country Target country Egypt Jordan UAE Kuwait Saudi Arabia Iran Morocco Tunisia Oman Bahrain Qatar Palestine Lebanon Libya Algeria UAE 7,107 11,809 15,186 Egypt 14,587 5,429 3,923 Saudi Arabia 1,616 1,619 3,498 Kuwait 1,726 4,345 2,177 Iran ,947 Jordan 1, ,008 Morocco 8,204 1, Tunisia Oman Qatar 2,186 4, Bahrain Algeria 1 2, Palestine Lebanon Libya The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 58

60 MENA, FY 2015 Target sector by volume - MENA deals Target sector by value - MENA deals Target sector Target sector Other services Construction Chemicals, rubber, plastics Wholesale & retail trade Education, health Food, beverages, tobacco Insurance companies Primary sector Metals & metal products Banks Hotels & restaurants Machinery, equipment, furniture, recycling Transport Wood, cork, paper Post and telecommunications Gas, water, electricity Textiles, wearing apparel, leather Publishing, printing Public administration and defence Chemicals, rubber, plastics 1,526 1,633 9,266 Wholesale & retail trade 1,470 3,424 9,169 Other services 3,007 6,286 4,773 Primary sector 3, ,642 Construction 10,192 6,945 3,087 Banks 6,231 3,653 1,698 Post and telecommunications 6,316 3,014 1,538 Metals & metal products 1, ,289 Education, health ,242 Insurance companies 1, ,220 Gas, water, electricity 1, Hotels & restaurants Transport 359 1, Machinery, equipment, furniture, recycling Food, beverages, tobacco 1,726 2, Wood, cork, paper Textiles, wearing apparel, leather Publishing, printing Public administration and defence 0 2,607 0 The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 59

61 MENA, FY 2015 MENA private equity deals by volume and value Announced date No of deals Total deal value , , , ,154 The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 60

62 MENA, FY 2015 MENA private equity deals by volume and value 3, , Deal value 2,500 2,000 1,500 1, Total deal value Number of deals The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 61

63 MENA, FY 2015 MENA private equity deals by value Deal value Deal type Target Target country Fund Manager/General Partner Announced date 1. 1,000 Minority stake 49% Network International LLC AE Warburg Pincus LLC; General Atlantic Corporation 26/11/ IBO 13%, 18%, 25%, 30%, 33%, 34% and 46% United Company for Foundries SAE; TAQA Arabia Company SAE; ASEC Holding Company; Nile Logistics; NDT Convertible; Dina Farms Retail Supermarkets; Mashreq Petroleum Company EG; Qalaa Holdings SAE 23/06/ Minority stake 30% Saham Finances SA MA Sanlam Emerging Markets (Pty) Ltd 24/11/ Minority stake Healthcare MENA Ltd AE Al Masah Capital Ltd 05/10/ IBO 60% Kudu Catering Company SA Abraaj Capital Ltd; TPG Capital Management LP 04/02/ Minority stake 20% FINE Hygienic Holdings JO Khazanah Nasional Bhd; Standard Chartered Private Equity Ltd 12/05/ IBO 100% Talabat General Trading and Contracting Company WLL KW Rocket Internet AG 11/02/ Minority stake Souq.com FZ LLC AE Tiger Global Management LLC 23/06/ IBO 85% Fawry Banking & Payment Technology Services EG Helios Investment Partners LLP; MENA Long-Term Value Management Ltd Minority stake Careem Networks FZ LLC AE Abraaj Capital Ltd; Al-Tayyar Travel Group; Lumia Capital LLC; BECO Capital Investments LLC; Iris Capital Management SAS; Impulse International; Wamda Capital Partners Ltd 11/11/ /11/2015 The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 62

64 MENA, FY 2015 MENA private equity deals by value (cont d) Deal value Deal type Target Target country Fund Manager/General Partner Announced date IBO 85% Middle East Glass Manufacturing Company SAE EG Qalaa Holdings SAE 02/07/ IBO 80% Undisclosed Private School in Dubai AE GFH Capital Ltd Company 26/07/ Minority stake Vecteur LV SA MA European Bank for Reconstruction and Development 23/06/ IBO 100% Undisclosed bread manufacturer SA GFH Capital Ltd Company 01/12/ Minority stake Carbon Holding Company EG Gulf Capital Pvt JSC 25/05/ Minority stake Sarwa Capital SAE EG 30/11/ Minority stake Societe de Gestion des Points de Vente Venezia Ice MA The Swicorp Joussour Company 09/09/ Minority stake MENA 360 DWC LLC AE Delta Partners Ltd; New Enterprise Associates Inc.; TriplePoint 09/06/2015 Capital LLC; Youniversity Ventures; Winklevoss Capital Management LLC; Dhabi Holdings PJSC; Endeavor Global Inc Minority stake ArabiaWeather Inc. JO Jabbar Internet Group; Dash Ventures Ltd; Wamda Capital Partners 09/11/2015 Ltd; Badia Management Company BV Minority stake 15% JadoPado Ltd AE BECO Capital Investments LLC 02/11/2015 The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 63

65 MENA, FY 2015 Target country by volume - MENA private equity deals Target country by value - MENA private equity deals Target country Target country UAE Egypt Saudi Arabia Morocco Jordan Tunisia Bahrain Kuwait Palestine Lebanon UAE 220 1,571 1,595 Egypt Morocco Saudi Arabia Jordan Kuwait Palestine The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 64

66 MENA, FY 2015 Target sectors by volume - MENA private equity deals Target sectors by value - MENA private equity deals Target sector Target sector Other services Education, health Wholesale & retail trade Chemicals, rubber, plastics Food, beverages, tobacco Hotels & restaurants Metals & metal products Insurance companies Primary sector Post and telecommunications Transport Textiles, wearing apparel, leather Publishing, printing Wood, cork, paper Gas, water, electricity Construction Banks Public administration and defence Machinery, equipment, furniture, recycling Other services ,779 Wholesale & retail trade Gas, water, electricity Metals & metal products Construction Transport Insurance companies Education, health Hotels & restaurants Wood, cork, paper Food, beverages, tobacco Chemicals, rubber, plastics Publishing, printing Primary sector Public administration and defence Textiles, wearing apparel, leather Machinery, equipment, furniture, recycling Post and telecommunications Banks The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 65

67 Russia/CEE, FY 2015 CEE bucks the global trend as M&A volume and value decline The value of mergers and acquisitions (M&A) targeting companies based in Central and Eastern Europe and Russia declined by 27 per cent to USD 141,393 million in 2015, marking the second consecutive annual decline by value. Volume also decreased year-on-year to 8,471 from 12,309 in Private equity investment targeting the region was much more impressive as dealmaking of USD 12,123 million was signed off, representing a significant increase on the USD 2,162 million invested in However, value did fall short of the eight year high of USD 15,670 million signed off in Despite the increase in deal values, volume actually declined year-on-year from 583 to 428. Russia/CEE deals by volume and value Announced date No of deals , , , , , , , , , ,267 Total deal value , ,970 Page 66

68 Russia/CEE, FY 2015 Russia/CEE deals by volume and value Deal value 300, , , , ,000 50,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Total deal value Number of deals Page 67

69 Russia/CEE, FY 2015 Russia once again dominates top 20 deals by value Although not the focus of the year s two largest CEE transactions, Russian targets made up the bulk of the top 20; in all the country was targeted in 17 of 2015 s 20 largest deals by value. Despite this the largest transaction of the year was worth USD 10,657 million and took the form of a private placing by Ukraine-headquartered rail transportation player Ukrayinska Zaliznytsa, in which it issued stock to its sole shareholder, the Ukrainian government. Second-placed Ukraine also declined on 2014 (2014: USD 19,659 million; 2015: USD 16,336 million). However, there were a few significant improvements year-on-year, including Romania (2014: USD 5,213 million; 2015: USD 11,867 million), Slovakia (2014: USD 975 million; 2015: USD 11,432 million) and Serbia (2014: USD 469 million; 2015: USD 7,917 million). Poland led the way by volume with 2,134 deals, compared to second-placed Russia s 1,884. Ukraine came third with 746. This was followed by a USD 7,282 million acquisition by CRH of various assets of Holcim and Lafarge. The CEE portion of this deal involves the Slovak assets of Holcim. Although this only accounts for a small segment of the transaction, multiple considerations for all the various assets have not been disclosed. Russian petroleum refinery targeted in region s top PE deal Russia leads by value despite year-on-year decline Russia s dominance of the top 20 deals by value in 2015 means it is unsurprising to see it leading the country rankings by value. However, in keeping with the region s overall trend, dealmaking in the country actually declined year-on-year. In all the country was targeted in deals worth USD 85,403 million, compared to USD 131,657 million in The USD 12,123 million invested in CEE companies by private equity and venture capital firms in 2015 can be primarily attributed to a few high value transactions. The region s largest PE and VC investment of the year was worth USD 5,000 million and involved Gaetano Holdings buying Russia-based Komioil. Russian companies were targeted in seven of the year s top 20 PE/VC deals for the region. Other countries to feature include Poland, Hungary, Slovakia and Slovenia. Page 68

70 Russia/CEE, FY 2015 Top 20 Russia/CEE deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date 1. 10,657 Acquisition increased to 100% Ukrayinska Zaliznytsa PAT UA Government of Ukraine UA 29/09/ ,282 Acquisition Holcim Ltd s Slovak assets; Lafarge SA s Serbian assets; Lafarge SA s Romanian assets; Holcim Ltd s Hungarian assets, among other international assets SK; RS; RO; HU CRH plc IE 02/02/ ,954 Acquisition increased from 3% to 79% Severstal PAO RU Rayglow Ltd; Pearlgreen Ltd; Loranel Ltd; Astroshine Ltd; Unifirm Ltd 4. 5,130 Capital Increase Bank VTB PAO RU Gosudarstvennaya Korporatsiya Agentstvo po Strakhovaniyu Vkladov CY; CY; CY; 19/06/2015 CY; CY RU 07/07/ ,000 IBO 100% Komioil OOO RU Gaetano Holdings Ltd GB 25/11/ ,358 Capital Increase 70% Aviatsionnaya Kholdingovaya Kompaniya Sukhoi OAO RU 22/04/ ,334 Minority stake 11% Neftyanaya Kompaniya LUKoil OAO RU Lukoil Investments Cyprus Ltd CY 01/06/ ,316 Minority stake increased from Novatek OAO RU Belona OOO; VRN Sarl RU; LU 17/09/ % to 35% 9. 2,453 Capital Increase 39% Obyedinennaya Aviastroitelnaya Korporatsiya OAO RU 29/05/ ,395 Minority stake increased from 15% to 23% Novatek OAO RU VRN Sarl LU 05/10/2015 Page 69

71 Russia/CEE, FY 2015 Top 20 Russia/CEE deals by value (cont d) Deal value Deal type Target Target country Acquiror Acquiror country Announced date 11. 2,375 Capital increase to 100% Uralkalii-Tekhnologiya AO RU Uralkalii PAO RU 07/08/ ,179 IBO 100% Sberbank Slovensko AS SK Penta Investments Group Ltd GB 17/12/ ,066 Minority stake 22% Uralkalii PAO RU Enterpro Services Ltd CY 25/08/ ,945 Capital Increase Gazprombank OAO RU Gosudarstvennaya Korporatsiya Agentstvo RU 25/06/2015 po Strakhovaniyu Vkladov 15. 1,709 Minority stake increased from Uralkalii PAO RU Uralkalii-Tekhnologiya AO RU 15/12/ % to 34% 16. 1,694 Minority stake increased from Novatek OAO RU VRN Sarl LU 26/06/2015 1% to 7% 17. 1,481 Minority stake increased from Neftyanaya Kompaniya LUKoil PAO RU Lukoil Investments Cyprus Ltd CY 07/09/ % to 16% 18. 1,400 Minority stake 10% Yamal SPG OAO RU Silk Road Fund Co Ltd CN 17/12/ ,338 Minority stake 10% Sibur Kholding PAO RU China Petrochemical Corporation CN 17/12/ ,310 Minority stake 26% Aktsionernaya Neftyanaya Kompaniya Bashneft PAO RU Ministerstvo Zemelnykh i Imushchestvennykh Otnoshenii Respubliki Bashkortostan RU 03/07/2015 Page 70

72 Russia/CEE, FY 2015 Target country by volume - Russia/CEE deals Target country by value - Russia/CEE deals Target country Target country Poland 1,783 1,815 2,134 Russia 3,000 3,037 1,884 Ukraine 1, Romania Estonia Bulgaria Latvia Hungary Czech Republic Serbia Bosnia and Herzegovina Moldova Croatia Belarus Slovenia Lithuania Slovakia Montenegro Macedonia Albania Russia 183, ,657 85,403 Ukraine 13,984 19,659 16,336 Romania 3,249 5,213 11,867 Slovakia ,432 Poland 19,132 17,983 11,367 Hungary 3,519 2,645 9,064 Serbia ,917 Czech Republic 8,763 4,879 2,984 Croatia 1, ,389 Bulgaria 3,174 3,309 2,175 Slovenia 3,056 2,105 1,345 Bosnia and Herzegovina Lithuania 1,293 1, Latvia Montenegro Belarus 636 2, Estonia Moldova Macedonia Page 71

73 Russia/CEE, FY 2015 Target sector by volume - Russia/CEE deals Target sector Other services 3,760 4,550 3,001 Wholesale & retail trade 1,293 1,574 1,014 Machinery, equipment, furniture, recycling Construction Banks Primary sector Chemicals, rubber, plastics Food, beverages, tobacco Gas, water, electricity Transport Publishing, printing Metals & metal products Hotels & restaurants Insurance companies Education, health Textiles, wearing apparel, leather Post and telecommunications Wood, cork, paper Public administration and defence Target sector by value - Russia/CEE deals Target sector Primary sector 38,737 33,613 25,961 Chemicals, rubber, plastics 33,599 7,159 25,650 Banks 27,665 27,801 22,922 Transport 8,078 5,994 13,567 Machinery, equipment, furniture, recycling 7,076 12,893 13,484 Other services 24,393 19,959 10,696 Metals & metal products 23,954 17,111 9,438 Construction 11,715 10,413 4,927 Gas, water, electricity 35,303 25,918 4,761 Wholesale & retail trade 8,530 10,141 4,306 Food, beverages, tobacco 1,588 3,157 3,490 Post and telecommunications 16,261 14,404 2,138 Wood, cork, paper ,019 Insurance companies 1,372 1,803 1,013 Hotels & restaurants Publishing, printing Textiles, wearing apparel, leather 174 2, Education, health Public administration and defence Page 72

74 Russia/CEE, FY 2015 Russia/CEE private equity deals by volume and value Announced date No of deals Total deal value , , , , , ,437 Page 73

75 Russia/CEE, FY 2015 Russia/CEE private equity deals by volume and value Deal value 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, Total deal value Number of deals Page 74

76 Russia/CEE, FY 2015 Top 20 Russia/CEE private equity deals by value Deal value Deal type Target Target country Fund Manager/General Partner Announced date 1. 5,000 IBO 100% Komioil OOO RU Gaetano Holdings Ltd 25/11/ ,179 IBO 100% Sberbank Slovensko AS SK Penta Investments Group Ltd 17/12/ ,400 Minority stake 10% Yamal SPG OAO RU 17/12/ Acquisition 100% Ust-Luga Liquefied petroleum gas (LPG) and light RU Upravlyayushchaya Kompaniya RFPI OOO 03/11/2015 oil products transshipment terminal IBO 100% PKP Energetyka SA PL CVC Capital Partners Ltd 25/09/ IBO 100% Partner in Pet Food Hungaria Kft HU Pamplona Capital Management LLP 02/04/ IBO 100% Stroigazkonsalting OOO RU Yunaited Kepital Partners Edvaizori OOO 17/04/ IBO 100% Nova Kreditna Banka Maribor dd SI European Bank for Reconstruction and Development; Apollo Global 30/06/2015 Management LLC IBO 100% Netretail Holding BV; Naspers NL; CZ Rockaway Capital SE 26/10/2015 OCS Czech Republic SRO Minority stake EasyPack Sp zoo PL Templeton Asset Management Ltd; Integer.pl SA 05/05/ IBO 100% GGE AS SK M&G Investment Management Ltd 02/07/ IBO majority stake Pehart Tec SA RO Abris Capital Partners Sp zoo 12/05/ IBO 100% FM Bank PBP SA PL AnaCap Financial Partners LLP 30/04/ IBO 100% Vltava-Labe-Press AS CZ Penta Investments SRO 12/08/ Acquisition 100% Raiffeisen Banka dd SI Apollo Global Management LLC 10/12/ Acquisition 100% MTG's international channels business; MTG's RU Baring Vostok Capital Partners Ltd 26/10/2015 Russian channels business IBO 100% Midia Resources SRL RO Carlyle Group LP 26/03/ Minority stake DublGIS OOO RU Baring Vostok Capital Partners Ltd; ru-net Ltd 27/10/ Minority stake Selanikar OOO RU Almaz Capital Partners; Baring Vostok Capital Partners Ltd 23/07/ Minority stake 11% EasyPack Sp zoo PL Integer.pl SA;Towarzystwo Funduszy Inwestycyjnych PZU SA; Franklin Resources Inc. 12/11/2015 Page 75

77 Russia/CEE, FY 2015 Target country by volume - Russia/CEE private equity deals Target country by value - Russia/CEE private equity deals Target country Target country Russia Poland Hungary Bulgaria Ukraine Estonia Czech Republic Latvia Romania Slovenia Lithuania Slovakia Croatia Belarus Serbia Macedonia Russia 7, ,629 Slovakia ,302 Poland 2, Hungary Slovenia Czech Republic 6, Romania Estonia Latvia Ukraine Lithuania Serbia Bulgaria Page 76

78 Russia/CEE, FY 2015 Target sectors by volume - Russia/CEE private equity deals Target sectors by value - Russia/CEE private equity deals Target sector Target sector Other services Publishing, printing Machinery, equipment, furniture, recycling Wholesale & retail trade Food, beverages, tobacco Chemicals, rubber, plastics Education, health Banks Construction Metals & metal products Gas, water, electricity Post and telecommunications Insurance companies Textiles, wearing apparel, leather Primary sector Transport Hotels & restaurants Wood, cork, paper Chemicals, rubber, plastics 4, ,035 Banks ,611 Primary sector ,443 Wholesale & retail trade Other services 2, Gas, water, electricity 2, Food, beverages, tobacco Construction Wood, cork, paper Publishing, printing Machinery, equipment, furniture, recycling Post and telecommunications 4, Insurance companies Metals & metal products Education, health Transport Hotels & restaurants Textiles, wearing apparel, leather Page 77

79 Notes to editors Activity is based on the activity of the target company. Deal status is announced within the time period. The sector breakdown uses targets activities as defined to be Major Sectors by Zephyr. The date range for 2015 is deals announced between 01/01/ /12/2015 inclusive. The Western Europe region covers target companies in Andorra, Austria, Belgium, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Turkey and the UK. The Asia and Asia Pacific region covers target companies based in the Far East, Central Asia and Oceania. The MENA region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. The Russia/CEE region covers target companies in Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine. Where deals have multiple targets the sector and region of each target is represented in the data. All deal types are included except joint ventures, IPOs, planned IPOs and share buybacks. Advisor league tables are based on advisors advising any party in the deal i.e. acquiror, target or vendor The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 78

80 About Bureau van Dijk Bureau van Dijk (BvD) is one of the world s leading publishers of electronic business and company information. The company has 33 offices worldwide. BvD is best known for its range of international company information products that combines multiple high-quality data sources with flexible software to allow users to manipulate data for research, marketing intelligence and analysis. Products include Fame, Orbis, Amadeus, Bankscope, Isis and Osiris. BvD also publishes the global M&A database, Zephyr. About Zephyr Zephyr is an information solution containing M&A, IPO and venture capital deals and rumours with links to detailed financial company information. Zephyr covers various deal types including M&A activity, IPOs, joint ventures and private equity deals. It s published by Bureau van Dijk (BvD). The deals on Zephyr are linked to the company financials and peer reports on BvD s product range, which includes Orbis, Amadeus and Fame, for company valuation and benchmarking. Zephyr contains information on over 1.3 million deals. Approximately 85,000 deals are added each year depending on levels of deal activity. Zephyr has no minimum deal value. All deal information is translated into English. Zephyr s UK-based researchers speak 40+ languages and use native language and English sources in their deal enquiries. The Middle East region covers target companies in Algeria, Bahrain, Egypt, Iran, Iraq, Kuwait, Jordan, Lebanon, Libyan Arab Jamahiriya, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Syrian Arab Republic, Tunisia, UAE and Yemen. It excludes Israel. Page 79